How to Form a Professional Corporation in New Mexico (2024 Guide)

Steve Bennett
Business Formation Expert  |   Fact Checked by Editorial Team
Last updated: 
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Forming a Professional Corporation in New Mexico

If you would like to start and learn how to form a corporation in New Mexico, there are a few things that you should do now. However, in a professional corporation, professionals must create a special organizational structure to establish a professional or service corporation. Among the appropriate professions to organize a professional corporation in New Mexico are accountants, physicians, engineers, architects, and attorneys.

Forming a professional corporation in New Mexico or any business organization needs a certain number of steps. In this article, Webinarcare Editorial Team is going to share those steps. Keep in mind that these are general procedures. Depending on local law, it may be modified. For instance, your professional corporation may be subject to city or county-based rules.

What is a Professional Corporation in New Mexico?

A professional service corporation (PSC), often known as a professional corporation (abbreviated as PC), is a particular type of organization that is permitted by state law to allow owners of specifically licensed professions to practice in the New Mexico. A professional corporation’s owner is answerable for their own negligence or wrongdoing but is not held personally liable for the actions of other owners. The abbreviation PC or P.C. is frequently used to denote professional corporations.

This structure allows professionals to enjoy some of the benefits and protections of a traditional corporation while maintaining their professional status and abiding by the regulations of their respective licensing boards.

LegalZoom is the recommended corporation formation if you are thinking of forming a professional corporation from scratch. However, you can always start an LLC in New Mexico, if you changed your mind.

WEBINARCARE EDITORIAL TEAM

How to Form a Professional Corporation in New Mexico

To form a Professional Corporation in New Mexico for the professional service you provide, you must follow a few steps that include verifying if you are qualified for a PC, naming your business, hiring a Registered Agent, filing the Articles of Incorporation, outlining an operating agreement, requesting for an EIN, opening a bank account, getting a business license, and filing for an Annual report and taxes.

Step 1: Verify If You Are Qualified for a Professional Corporation

In forming a professional corporation in New Mexico, you should know if you are qualified. There are specific professions that are allowed to form a professional service corporation, including-

To provide your service, you must be qualified and have a license. In most cases, you can now form a professional corporation after finishing your studies, passing the exam, and receiving your license. If you work in an industry that does not provide a license or professional certification, you should consider starting an LLC or corporation.

Step 2: Name your Professional Corporation in New Mexico

After you have decided to form a professional corporation in New Mexico, you must choose a name for your corporation. Here are some pointers to consider when naming your professional corporation.

  • The business name should have the word PC, frequently followed by the name of the principal owner in place of Inc or LLC. (Example. John Doe, MD, PC)
  • Limit of restricted words that need a license.
  • A unique name is needed with no match
  • No confusion with a government entity name.

In New Mexico, if you do not wish to file your professional corporation right away but want to hold the name that you have decided on, then you can reserve your corporation name for 120 days. You must file a name reservation application in the New Mexico Secretary of State to keep the name.

If not already present, a professional corporation, professional association, service corporation, or professional service corporation must be included in the name. You may register your business under a different legal name if your preferred legal name is unavailable. Once you’ve decided on a name, you can apply for New Mexico DBA (doing business as). This way, you can run a clinic or law firm under your name.

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Step 3: Choose the New Mexico Registered Agent

The next step in forming a professional corporation is hiring a Registered Agent, who accepts legal paperwork for your business. This person or business will receive important tax forms, legal documents, all notices of lawsuits, and other official government correspondence in New Mexico. Forming a professional corporation for your service will be easier if you have Registered Agent in New Mexico.

Alternatively, you can serve as your own Registered Agent if you have the time. Usually, in New Mexico, a Registered Agent costs is ranging from $50 – $150. To make it easier, you can hire New Mexico Registered Agent Services for your professional corporation.

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Step 4: File the Articles of Incorporation in New Mexico

After you hire a Registered Agent to form a professional corporation, the next step is to file the New Mexico Articles of Incorporation. In writing the Articles of Incorporation, the business name, owner’s contact information, corporation address, and Registered Agent contact information, should be written. Include the names of all co-owners as well. All owners must demonstrate that they have the necessary licenses to practice the profession in question.

Filing the Articles of Incorporation in New Mexico may be done with two methods, online and by mail. The Articles of Incorporation fee may vary from different state. However, in New Mexico, it costs Minimum $100 to maximum $1000 for filing online or by mai. It depends on the amount of shares.. Create an account/Log in to the SOS site, get the online form, fill it, and submit online. For offline filing, Send the form by mail to Business Services Division, 325 Don Gaspar, Suite 300 Santa Fe, NM 87501..

Step 5: Write an Operating Agreement in New Mexico

An operating agreement in New Mexico is a document that contains all of your company’s organizational details. It is optional to draft an operating agreement in most states. Yet, having one as an internal document is strongly advised. The operating agreement includes information like-

  • About Business
  • Members and management
  • Capital contribution
  • Profit Distribution
  • Change of membership
  • Dissolution

Step 6: Designate the PC Board of Directors in New Mexico

The next step is to form the first board of directors for your PC in New Mexico. All of the initial directors must provide the owner with their contact information. The owner must keep records and submit them by the New Mexico Secretary of State. As a shareholder and owner, you must ensure that a provision for appointing a new director is included in the By-laws. In New Mexico, you must have Three directors in forming your Professional Corporation.

Step 7: Write the Corporate Bylaws

Now that you are done forming the team of the board of directors, the next step is to draft corporate bylaws. Corporate bylaws are the basic rules that control a corporation. It includes the organization’s structure, processes, laws, and rules. As a result, all personnel, managers, and corporation members must obey the firm’s rules.

Creating comprehensive corporate bylaws requires specific knowledge about the company, its structure, and operations. However, I can provide you with a general outline of what corporate bylaws usually include. It is crucial to consult with New Mexico Business Attorney or a legal expert to ensure that your bylaws comply with the laws and regulations governing your jurisdiction and industry.

  • Name and Purpose of the Corporation
  • Registered Office and Agent
  • Shareholders
  • Board of Directors
  • Officers
  • Committees
  • Indemnification and Insurance
  • Conflict of Interest
  • Records and Reports
  • Amendments
  • Miscellaneous

Step 8: Hold the First Board of Directors’ Meeting

Gather the board of directors for the first meeting after drafting the corporate bylaws. This meeting will conclude with the appointment of directors to manage the company’s daily operations, approval of the bylaws, selection of the corporation’s financial reporting year, and approval of the stock issue. Minutes should be taken at all board meetings and kept with the company’s records.

Step 9: Request an EIN in New Mexico.

After the operating agreement’s documentation, you should get or request an Employer Identification Number (EIN) in New Mexico. The tax ID for your professional corporation will be an EIN. The Internal Revenue Service can provide an EIN (IRS). It has nine digits and is comparable to a social security number. Nevertheless, EIN is different from SSN. Only business-related tasks, primarily filing general taxes, are performed using it. The form needs to be filled out and submitted online to the IRS.

The application of an EIN in New Mexico can be through the following:

  • Apply Online- The online EIN application is the preferred method for customers to apply for and obtain an EIN.
  • Apply by Fax- Taxpayers can fax the completed Form SS-4 application to the appropriate fax number), after ensuring that the Form SS-4 contains all of the required information.
  • Apply by Mail- The EIN application Form SS-4 can be filed via mail. The processing time frame to receive the mail is four weeks.
  • Apply by Telephone-International Applicants – International applicants may call 267-941-1099 (not a toll-free number) from 6 a.m. to 11 p.m. (Eastern Time) Monday through Friday to obtain their EIN.

After you have your EIN number, you can benefit in several ways. It will give your professional corporation the absolute advantage necessary to operate at full capacity without encountering legal or judicial issues.

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Step 10: Open a Bank Account and Prepare for Taxes.

You should open a business bank account as soon as you have applied for and received your Employer Identity Number because you will use this account for yourself, your clients, and your staff. Check out the Best Banks in New Mexico for you to decide on which bank you are going to open an account.

Due to your organization’s increased legality and liquidity, having a US business bank account may make conducting business in New Mexico easier. Most banks require an EIN for businesses other than sole proprietorships to open a business bank account. Also, keeping your accounts separate will prevent you from merging your personal and business finances. Also, filing taxes is simpler when you have an EIN. You can expect to pay employee and corporate taxes when you form a professional corporation.

Step 11: Get a Business License in New Mexico

Before your professional corporation operates in New Mexico, you must have New Mexico Business License first. A business license is a formal document issued by a state government agency that allows you to conduct business in the geographic area governed by that agency. The cost of business licenses and permits in New Mexico ranges from $50 – $300. You must check with the local authorities to see if any special licenses or permits are required.

Step 12: File Your Taxes in New Mexico

Finally, you’ve arrived at the final process. Remember to file your taxes when you have obtained a business license and are ready to begin operations. To avoid a large tax bill, you should begin paying taxes quarterly as soon as possible. Each state has different tax requirements. Start examining the New Mexico tax classification for the taxes that an LLC in New Mexico must pay.

Main Characteristics of a Professional Corporation

In forming a Professional Corporation, the main characteristics must be distinguished before forming it. These are the general characteristics of forming a Professional Corporation in New Mexico.

  • Limited Liability Protection: A professional corporation provides its owners, shareholders, or members limited liability protection like a regular corporation. This means the shareholders’ personal assets are generally protected from business debts, obligations, and lawsuits, except in malpractice or professional negligence cases.
  • New Mexico Licensing Requirements: All shareholders must typically be licensed professionals in the same field in a professional corporation. The corporation must also comply with specific state regulations and licensing requirements that govern the profession.
  • Governance and Management: A professional corporation is governed by a board of directors, who the shareholders elect. The board appoints officers to manage the day-to-day operations of the corporation. All directors and officers must be licensed professionals in the same field as the corporation.
  • Taxation: Professional corporations are taxed as C corporations, where the corporation pays taxes on its income, and shareholders pay taxes on dividends received from the corporation. However, some professional corporations may be eligible for S corporation status, allowing pass-through taxation. Income, losses, deductions, and credits flow to the shareholders, who report this information on their income tax returns.
  • Restrictions on Ownership and Transfer of Shares: Professional corporations often restrict the ownership and transfer of shares to ensure that only licensed professionals in the same field can become shareholders. This helps maintain the professional nature of the corporation and adheres to state licensing requirements.
  • Malpractice Liability: While a professional corporation provides limited liability protection for general business debts and obligations, it does not shield shareholders from liability for their own malpractice or professional negligence. Shareholders can still be personally liable for their actions in providing professional services.

In summary, a professional corporation is a specialized corporate structure designed for licensed professionals, offering limited liability protection and a formal governance structure while adhering to state licensing requirements and regulations.

Maintain Professional and Business License in New Mexico

You must maintain or renew your professional license regularly now that you have established your professional corporation. Even if your company is well-established, it is only meaningful if you have a valid operating license. And it makes no difference if your professional license is still valid for a year or two, but your business license has already expired.

Make time at least once a year to check the status of your licenses. You won’t miss anything important this way. You can address any issues that arise.

Filing Annual Report in New Mexico

In New Mexico, you must submit a report. The owners’ and Registered Agent’s names and contact details are listed in the Annual Report. Also, it should include all of your yearly financial activity. You must submit the report every some specific time (however, it is not mandatory to file it) in the New Mexico Secretary of State.

FAQs

What is a professional corporation?
A professional corporation is a type of business entity formed by professionals, such as doctors, lawyers, and accountants, for organizing their practice.
What is the process of forming a professional corporation in New Mexico?
To form a professional corporation in New Mexico, you need to file articles of incorporation with the New Mexico Secretary of State, obtain a business license from the New Mexico Taxation and Revenue Department, and fulfill any other regulatory requirements of your profession.
What are the requirements for forming a professional corporation in New Mexico?
To form a professional corporation in New Mexico, you need to meet the following requirements
What is a designation for a professional corporation in New Mexico?
The designation for a professional corporation in New Mexico is “P.C.” which stands for “Professional Corporation.”
What professions are eligible to form a professional corporation in New Mexico?
In New Mexico, the following professions can form a professional corporation
Can I form a professional corporation in New Mexico if I am not a resident?
Yes, you can form a professional corporation in New Mexico if you are not a resident.
Can I form a professional corporation with just one professional in New Mexico?
Yes, you can form a professional corporation in New Mexico with just one professional.
How does a professional corporation differ from a regular corporation in New Mexico?
A professional corporation in New Mexico is similar to a regular corporation but has certain limitations and restrictions regarding the ownership and management of the company, which are specified by the professional board.
What is a professional board in New Mexico?
A professional board in New Mexico sets the guidelines and requirements for the formation and operation of professional corporations and ensures that they comply with the state laws and regulations.
Do I need to get a business license to form a professional corporation in New Mexico?
Yes, you need to obtain a business license from the New Mexico Taxation and Revenue Department to operate a professional corporation in New Mexico.
Is there a specific procedure to follow when forming a professional corporation in New Mexico?
Yes, you need to follow the procedures as outlined by the New Mexico Secretary of State and the professional board of your profession, which includes filing the articles of incorporation and obtaining any necessary licenses or permits.
Do I need to specify the profession of my corporation when filing articles of incorporation in New Mexico?
Yes, you need to include a statement indicating that your corporation is a professional corporation, and you need to specify the specific profession that is being formed.
How much does it cost to form a professional corporation in New Mexico?
The total cost of forming a professional corporation in New Mexico depends on several factors, including filing fees and professional fees, and typically ranges between $500 to $2000.
How long does it take to form a professional corporation in New Mexico?
The processing time for forming a professional corporation in New Mexico varies, depending on various factors such as the completeness of your application, however, it can take between four to six weeks to complete the process.
Are there any ongoing fees or taxes for owning a professional corporation in New Mexico?
Yes, there are annual fees and taxes for owning a professional corporation in New Mexico as well as the additional regulatory requirements of your profession.
What is the process for dissolving a professional corporation in New Mexico?
To dissolve a professional corporation in New Mexico, you need to file articles of dissolution with the New Mexico Secretary of State and fulfill any other regulatory requirements of your profession that may be necessary.
Do I need to provide any annual reports or filings after forming a professional corporation in New Mexico?
Yes, you need to provide annual reports to the Secretary of State and fulfill requirements directed by your profession, which may differ depending on the type of professional corporation.
What is an EIN, and do I need it to form a professional corporation in New Mexico?
An EIN (Employer Identification Number) is a unique identifier assigned to a business entity by the IRS, it is required for tax purposes, and you will need it to form a professional corporation in New Mexico.
What are the advantages of forming a professional corporation in New Mexico?
The main advantage of forming a professional corporation in New Mexico is that it can offer various benefits, such as personal liability protection and favorable taxation rates.
What are the disadvantages of forming a professional corporation in New Mexico?
The disadvantages associated with forming a professional corporation in New Mexico are the limitations and restrictions regarding ownership and management, as well as the additional regulations and taxes specific to professions that one would encounter.
Can I convert my existing LLC to a professional corporation in New Mexico?
Yes, you can convert an existing LLC to a professional corporation in New Mexico by filing the appropriate documents with the New Mexico Secretary of State.
Can I change my profession after forming a professional corporation in New Mexico?
Yes, you can change your profession any given time after forming a professional corporation in New Mexico.
Can I expand my professional corporation out of New Mexico?
Yes, expanding businesses across states is possible and advantageous in some cases, it is necessary to comply with different regulatory requirements in every state to avoid possible friction.
Can different professionals from various professions form a professional corporation in New Mexico?
No, only people from one profession can form a professional corporation in New Mexico, which would be restricted to functioning only within its member profession.
Who can serve as the officers of a professional corporation in New Mexico?
Professional corporations in New Mexico can have any employees as officers, as long as they are licensed by the relevant regulatory agency in their profession of professional corporations
Is it mandatory to have a physical office location when forming a professional corporation in New Mexico?
Yes, every professional corporation is required to have a definite physical address for its official legal correspondence and contact.
Can a professional corporation continue its practice if one of its members passes away?
A professional corporation, in some states including New Mexico, can continue operation even if one of the members passes, provided all requirements are met and that has been specified in relevant agreements if arrangements have been made nearly when the corporation was formed.
Can a professional corporation change its profession after it is formed in New Mexico?
No, once formed, a professional corporation is restricted to the profession it represented during its formation and incorporation.
Should I hire an attorney to assist me in forming a professional corporation in New Mexico?
Hiring an attorney to assist in the formation of your professional corporation is a big advantage as they can guide you through the process.
What is a professional corporation in New Mexico?
A professional corporation is a type of corporation that is formed to provide professional services that are regulated by state licensing boards in New Mexico.
Who can form a professional corporation in New Mexico?
In New Mexico, licensed professionals such as doctors, lawyers, engineers, accountants, and architects can form a professional corporation.
How do I form a professional corporation in New Mexico?
To form a professional corporation in New Mexico, you must file Articles of Incorporation with the New Mexico Secretary of State and obtain any necessary licenses from relevant state licensing boards.
What are the benefits of forming a professional corporation in New Mexico?
Forming a professional corporation in New Mexico can provide liability protection for its owners, as well as tax advantages and enhanced credibility with customers.
How do I choose a name for my professional corporation in New Mexico?
You must choose a name for your professional corporation that complies with New Mexico naming requirements and does not conflict with any other registered trademarks or names.
What are New Mexico’s naming requirements for professional corporations?
The name of a professional corporation in New Mexico must contain the words “Professional Corporation,” “PC,” or “Prof Corp.”
Do I need a registered agent for my professional corporation in New Mexico?
Yes, all professional corporations in New Mexico are required to have a registered agent.
How do I appoint a registered agent for my professional corporation in New Mexico?
You can appoint a registered agent for your professional corporation in New Mexico by providing the agent’s name and contact information when filing your Articles of Incorporation.
Can I be my own registered agent for my professional corporation in New Mexico?
Yes, you can be your own registered agent for your professional corporation in New Mexico if you have a physical address in the state.
What type of insurance do I need for my professional corporation in New Mexico?
You may need professional liability insurance, general liability insurance, and property insurance for your professional corporation in New Mexico, depending on the nature of your business.
What are the tax requirements for professional corporations in New Mexico?
Professional corporations in New Mexico are subject to state and federal income taxes, and must file tax returns annually.
Are professional corporations required to pay franchise taxes in New Mexico?
Yes, professional corporations in New Mexico are required to pay annual franchise taxes to the state.
What is the cost to form a professional corporation in New Mexico?
The cost to form a professional corporation in New Mexico includes a filing fee of $100 and any additional fees for obtaining licenses from relevant state licensing boards.
What does the process of forming a professional corporation in New Mexico involve?
The process of forming a professional corporation in New Mexico involves determining eligibility, choosing a name, filing Articles of Incorporation, obtaining licenses from relevant state licensing boards, appointing a registered agent, and complying with ongoing reporting and regulatory requirements.
Can a professional corporation change its name or business address in New Mexico?
Yes, a professional corporation can change its name or business address in New Mexico by filing a Certificate of Amendment with the New Mexico Secretary of State.
Can a professional corporation change its business structure in New Mexico?
Yes, a professional corporation in New Mexico can change its business structure by filing a Reorganization Document with the New Mexico Secretary of State
Can a professional corporation in New Mexico dissolve?
Yes, a professional corporation in New Mexico can voluntarily dissolve by filing Articles of Dissolution with the New Mexico Secretary of State.
Can a professional corporation in New Mexico merge with another company or corporation?
Yes, a professional corporation in New Mexico can merge with another company or corporation by following the procedures for merger in the New Mexico Business Corporations Act.
What happens to any excess funds or assets if a professional corporation in New Mexico dissolves?
Any excess funds or assets of a professional corporation in New Mexico are distributed according to the corporation’s articles of incorporation or bylaws.
Can a professional corporation in New Mexico become an S Corporation for tax purposes?
Yes, a professional corporation in New Mexico can elect to become an S Corporation for federal tax purposes by filing Form 2553 with the IRS.
What are the advantages of becoming an S Corporation for tax purposes in New Mexico?
Becoming an S Corporation for tax purposes in New Mexico can allow for pass-through taxation, which can reduce taxes for the corporation and its owners.
Can a professional corporation be owned by non-licensed individuals in New Mexico?
No, a professional corporation in New Mexico must be owned and controlled by licensed professionals only.
Do professional corporations in New Mexico have to comply with any specific regulations?
Yes, professional corporations in New Mexico are subject to specific regulations and requirements for operating in their respective professional fields.
How often are professional corporations in New Mexico required to file annual reports?
Professional corporations in New Mexico are required to file annual reports with the Secretary of State each year.
Can I form a professional corporation in New Mexico online?
Yes, you can file Articles of Incorporation for a professional corporation in New Mexico online through the New Mexico Secretary of State website.
What entities oversee/licensed professional entities in New Mexico?
Different Licensing Boards such as Board of Engineers and Architects, Board of Accountancy, Board of Medical Examiners, Board of Pharmacy, Board of Barbers and Cosmetologists, Board of Massage Therapists, Dental Board of Examiners, Board of Certified Advanced Practice Nurses, Speech Language Pathology and Audiology Board license different professional entities in New Mexico.

Also Read

How to Save Money While Forming New Mexico Professional Corporation

First and foremost, one of the simplest ways to save money during this process is to handle as much of the paperwork and administrative tasks as possible by yourself. While it might seem tempting to hire an attorney or a professional service company to handle these procedures for you, it can quickly become expensive. By dedicating some time and effort to research and understand the legal requirements and processes involved, individuals can save a significant amount of money.

Next, consider utilizing online resources and DIY platforms that offer affordable and simple solutions specifically tailored for forming a professional corporation. Many websites provide step-by-step guidance and templates necessary for filing various documents, such as Articles of Incorporation and bylaws. While it is crucial to ensure the credibility and reliability of such platforms, many of them offer inexpensive services that can save you both time and money.

Another tip to save money is to thoroughly plan and consider the specific needs of your professional corporation. New Mexico’s requirements can vary depending on the industry and the number of shareholders involved, among other factors. By conducting thorough research and understanding the exact requirements for your business formation, you can avoid unnecessary expenses and paperwork that might arise from incorrect or incomplete filings.

Moreover, networking can be an invaluable tool during this process. Engaging with professionals who have experience in forming professional corporations in New Mexico can provide valuable insights and recommendations that can save you time and money. Attending industry-specific events or reaching out to professionals through various networking platforms can help you gather information and find potential opportunities for cost-saving.

Furthermore, it is crucial to review and analyze the fees and costs associated with each step of the formation process. Be vigilant in understanding the fine print, especially for services provided by attorneys, professional registered agents, or filing services. Seek clarification on any vague or unclear terms that might appear in contracts, and consider obtaining multiple quotes to compare the costs accurately.

Lastly, do not overlook the importance of ongoing compliance and maintenance fees. Once your professional corporation is formed, you must ensure timely filings and necessary payments to maintain good standing with the state. Late fees and penalties can quickly accumulate and burden your business financially. Be mindful of these requirements and budget for any future costs to avoid potential financial strain.

In conclusion, saving money while forming a new professional corporation in New Mexico is not an impossible task. Aspiring business owners can achieve significant cost savings by handling administrative tasks themselves, utilizing online resources, considering specific needs, networking, carefully reviewing and analyzing fees, and budgeting for ongoing compliance. Following these steps can help budding entrepreneurs establish their professional corporation while minimizing unnecessary expenses along the way.

Conclusion

In conclusion, forming a professional corporation in New Mexico is a strategic decision for licensed professionals who seek to combine their expertise and services under a single corporate entity. This business structure offers limited liability protection, a formal governance structure, and compliance with state licensing requirements. However, it also comes with certain restrictions on ownership, transfer of shares, and personal liability for professional malpractice. By carefully considering the advantages and disadvantages of a professional corporation, professionals can determine whether this structure aligns with their business goals, regulatory requirements, and risk management needs, ultimately contributing to a more organized, secure, and compliant professional practice.

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